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Bitcoin plunged below $100,000, signaling potential for deeper losses
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Ethereum and XRP struggle at key resistance amid bearish momentum
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Canary Capital’s XRP ETF posts $58 million in debut trading volume
Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) traded lower on Friday, extending weekly losses as waning market confidence continued to weigh on the broader cryptocurrency market.
Over the week, Bitcoin declined more than 5%, Ethereum dropped over 10% and XRP fell roughly 2%, with each facing strong technical resistance levels.
Bitcoin slipped below the psychological $100,000 level, reinforcing the view that bears remain in control.
Major cryptocurrencies encountered rejection near the 38.20% Fibonacci retracement level at $106,453, measured from the April 7 low of $74,508 to the all-time high on October 6 of $126,299.
BTC has fallen nearly 6% since Monday and is trading around $96,300.
If Bitcoin continues to pull back and closes below the immediate support at $97,460, analysts see the potential for further declines toward $95,000.
The Relative Strength Index (RSI) sits at 35, below the neutral 50 mark, indicating rising downward pressure, while the Moving Average Convergence Divergence (MACD) shows a bearish crossover, reinforcing sell signals.
However, if BTC can stabilize, a rebound toward the key Fibonacci resistance at $106,453 remains possible.
Ethereum faces rejection and risks deeper pullback
Ethereum’s (ETH) correction intensified after the token was rejected near the breakout trendline resistance at $3,592 on Monday, slipping about 10% over three days.
As of Friday, ETH traded near $3,200.
If Ethereum closes below the $3,170 support level, analysts expect a further drop to $3,017, a significant daily support zone.
Both RSI and MACD point to increasing bearish momentum, suggesting Ethereum’s decline may not be over.
A recovery back to the 38.20% Fibonacci retracement level at $3,592 would be the next upside target.
XRP slides below key support as ETF debut steals the spotlight
XRP began the week with a 6.75% spike on Monday, testing the 50-day EMA near $2.53, but the move failed to hold.
After multiple rejections at that level, XRP fell 2.5% on Thursday and closed below $2.35 support. On Friday it traded near $2.30.
If the downtrend continues, XRP could move lower toward the next major support at $1.96. Both RSI and MACD show a bearish bias, with the latter reflecting trader uncertainty.
Despite the pullback, XRP attracted headlines this week with the launch of Canary Capital’s XRP ETF (ticker: XRPC), which debuted Thursday with record-breaking volume.
Bloomberg senior ETF analyst Eric Balchunas reported that XRPC generated $58 million in first-day trading, one of the largest ETF debuts among nearly 900 launches this year.
Balchunas noted XRPC reached $26 million in volume during its first hour, surpassing the previous record set by Bitwise’s Solana ETF (BSOL), which posted $57 million on its opening day and $72 million on day two.
“They’re in a league of their own,” Balchunas said on X, referring to XRPC and BSOL as standout ETF performers this year.
If XRP can stage a recovery and close above $2.35, it could spur a move back toward the 50-day EMA at $2.53.